Working abroad and being away from your loved ones is not easy. Most migrant workers take on this difficult task just so that they can provide for their family. However, one of the biggest challenges that usually takes a toll on their finances is transferring money back home to their families, as they are usually taken advantage of by financial institutions and traditional banks that charge them preposterously high fees.
In partnership with MasterCard, Neema, a financial services application startup, will launch the very first debit card for migrant workers. This card will allow them to send money to their families without having to deal with the burden of exchanging foreign currency and paying extra transfer fees.
There will be two cards generated, one for the migrant worker and another for the family. Through the mobile app, they will be able to monitor the transactions made on both of these cards. Families will be able to take money out from their account through any ATM so they can pay bills, and make instore and online purchases.
Loading money 24/7 using the migrant worker’s phones will also be possible. The debit card will also enable migrant workers to better manage their family’s budget and transfer money without any commissions.
The firm was founded by Asi Sivan and Barak Ben Ezer. Sivan is a retail expert and has successfully established restaurants and shops in the United States as well in Canada. Barak is an entrepreneur who has previously worked as a project manager in the mobile division of Microsoft. He has an extensive background in finance and technology.
With an imminent fundraising round in the works, Neema is planning to widen their scope of operations either in the United States or Europe.